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Gold Posts Best Weekly Gain in Five on Brexit
Investing.com - Theresa May could be fighting for her political survival, but the Brexit crisis she's in has thrown gold bulls a lifeline.
Initially resigned to losing the market's $1,200 support level as the week began, fans of the yellow metal not only got to stay in their comfort zone but also saw their best weekly gain in five as hedgers rushed to the relative safely of bullion after the pounding taken by sterling from Britan's EU-exit woes.
COMEX gold futures for December delivery settled up $8, or 0.7%, at $1,223 per troy ounce after running up to $1,225.90 earlier. For the week, it rose 1.4%, its best gain since the week ended Oct. 5.
Bullion bears have hoped to send gold sharply below $1,200, a support in place since September, to exploit further weakness in the $1,100 levels.
"Gold continues steady rally from Brexit worries," said George Gero, precious metals analyst at RBC Wealth Management in New York.
After her unpopular Brexit draft unveiled earlier in the week, UK Prime Minister May was battling to halt a growing revolt from the Tory right as half a dozen more backbenchers came out in favor of a no-confidence vote against her, with signs more MPs would join next week.
The U.K. political drama aside, gold was also propped up by flagging hopes for a US-China trade settlement after a senior Trump administration official was quoted telling Reuters that Beijing's written response to U.S. demands, received earlier this week, was unlikely to result in a deal.
The dollar, a contrarian trade to gold, also contributed to the yellow metal's advance, sliding 0.5%.
Among other precious metals on COMEX, silver rose 3.1% to $14.38 per ounce.
Palladium surged 1.9 % to $1,158.90 per ounce, while sister metal platinum rose 0.3% to $847.70.
In base metals, COMEX copper rose 1.7% to $2.80 per pound.
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